When the contractor requests final payment, a Final Contractor's Affidavit must be submitted to the lender. The Final Contractor's Affidavit lists all money due to potential lienors that have not been paid. The lender will typically require affidavits from each potential lienor assuring that they have been paid before releasing the final draw amount to the contractor.
A South Carolina Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as a guarantee from a contractor to a lender, ensuring that all subcontractors, suppliers, and laborers involved in a construction project have been paid in full. This affidavit is an essential part of the construction process as it helps protect the interests of the lender by ensuring that all parties involved in the project have been properly compensated. It acts as a final authorization for the release of funds by the lender to the contractor. In South Carolina, there are generally two types of Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. General Contractor's Affidavit: This affidavit is submitted by the general contractor of a construction project to the lender. It verifies that all subcontractors, suppliers, and laborers have been paid in full for their work or materials provided, thus inducing the lender to release the final payment to the general contractor. 2. Subcontractor's Affidavit: In some cases, subcontractors may also be required to submit their own affidavit directly to the general contractor or the lender. This affidavit serves the same purpose as the general contractor's affidavit, ensuring that all lower-tier subcontractors, suppliers, and laborers have been paid in full before the release of final funds. Keywords: South Carolina, contractor's affidavit, induce lender, release funds, final payment, construction project, subcontractors, suppliers, laborers, guarantee, legal document, protection, authorization, general contractor, subcontractor, materials provided, lower-tier, payment.A South Carolina Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as a guarantee from a contractor to a lender, ensuring that all subcontractors, suppliers, and laborers involved in a construction project have been paid in full. This affidavit is an essential part of the construction process as it helps protect the interests of the lender by ensuring that all parties involved in the project have been properly compensated. It acts as a final authorization for the release of funds by the lender to the contractor. In South Carolina, there are generally two types of Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. General Contractor's Affidavit: This affidavit is submitted by the general contractor of a construction project to the lender. It verifies that all subcontractors, suppliers, and laborers have been paid in full for their work or materials provided, thus inducing the lender to release the final payment to the general contractor. 2. Subcontractor's Affidavit: In some cases, subcontractors may also be required to submit their own affidavit directly to the general contractor or the lender. This affidavit serves the same purpose as the general contractor's affidavit, ensuring that all lower-tier subcontractors, suppliers, and laborers have been paid in full before the release of final funds. Keywords: South Carolina, contractor's affidavit, induce lender, release funds, final payment, construction project, subcontractors, suppliers, laborers, guarantee, legal document, protection, authorization, general contractor, subcontractor, materials provided, lower-tier, payment.
